Belmont Purses get 13% hike courtesy of 'Toga

[chucklestheclown]

Originally Posted by Kasept

ELMONT, N.Y. – Starting with the card on Saturday, September 25, The New York Racing Association, Inc. (NYRA) will increase purses at Belmont Park’s fall championship meet by approximately 13 percent. Average daily purses for the Belmont meet will be $480,000, up from the initial projected figure of $425,000. With purses for overnight races increasing roughly 13 percent across all categories, some of the changes include:

• Overnight stakes races will increase to $70,000 from $60,000
• Open money allowance routes will increase to $63,000 from $56,000
• Open maiden special weight routes will increase to $52,000 from $46,000
• Starter allowance routes will increase to $47,000 from $42,000
• New York-bred maiden special weight routes will increase to $44,000 from $39,000

NYRA was able to increase overnight purses for the Belmont Meet due to higher than projected wagering activity at the 2010 Saratoga Race Course meeting and a purse underpayment by $500,000 at the Saratoga meet instead of the projected $2.5 million overpayment.

Why should bettors applaud this when no bones come our way?

[Cannon Shell]

Originally Posted by chucklestheclown

Why should bettors applaud this when no bones come our way?

Where was applause requested?

[chucklestheclown]

Originally Posted by Cannon Shell

Where was applause requested?

I thought it was implicit.

[Travis Stone]

Originally Posted by HomerS

Would love to get to the position where takeout was reasonable enough where we could find what the sweet spot is.

Racetracks don't make enough money on horse racing to experiment and find that sweet spot w/out drastically impacting their business. I'm sure it exists, and it is probably closer to 10% than where we are now.

But let's be real... and like Steve, I'm pro gambler all the way... but I'm also in a unique spot where I can see the business from the other side.

If horse racing said, "On Saturday, the nationwide takeout will be 10%" ... would handle be drastically affected? What about the visa-versa?

Another question to think about... Should horse racing gamblers pay a "premium" for gambling on a game where logic/understanding/hard work can prevail over luck (roulette, for example) in the long run? Is that fair to say?

Takeout is one of many issues facing horse racing... but having a quick slash in the takeout will not save the sport. It doesn't hurt, but it's not the Holy Grail some are painting it to be.

[randallscott35]

Originally Posted by HomerS

I think players are capable of seeing the game from all sides.

Many of us even have jobs in the business world and know a thing or two about business

I think most players realize that if the game doesnt work for everyone it wont work for them in the end. But the lack of appreciation of the cost of doing business is really alarming to me. Sure since the game is parimutuel you always have somewhat of a chance. But to the point about knowledge and skill could poker survive on horse racing takeout rates?

The fact that many tracks are struggling suggest more then ever this is the time to experiment. If not now when? Realize that many tracks are hamstrung by the politicians but we have seen some are more aggressive then others in getting creative and addressing the issue. In this rough economy you see other businesses discounting- even fancy restaurants in NYC.

Lowering takeout wont solve everything but it will go a long way. I dont think the reason not to act is that it wont solve all problems. Again not sure people really appreciate the churn and what even a few points in drop will mean.

I agree. I realize it isn't the only thing that will help. Less racing is the future, not more....But if I have limited dollars to wager, horse racing needs to court those dollars aggressively. You can't blame people who use rebate shops when the game is upwards of 100% more takeout than betting a crummy football game.

[richard]

I like Frank's idea of a mega "powerball" horse racing lottery . The pols have cut deeply into horse racing handle with their own lotteries . We'll see if they want to give us a chance in that arena . If so , it would increase handle and might afford an opportunity to lower takeout on existing wagers . I think handle has to go up before takeout goes down .